A U.S. Army soldier from 3/1 AD Task Force Bulldog uses his night vision equipment before an early morning joint patrol with Afghan National Army (ANA) soldiers in a village in Kherwar district in Logar province, eastern Afghanistan, May 22, 2012. REUTERS/Danish Siddiqui

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A cross is seen in Joplin, Missouri May 17, 2012. May 22 marks the one year anniversary of a deadly EF-5 tornado that ripped through the town, killing 161 people. The tornado damaged or destroyed about 7,500 homes and 500 other buildings, but the city is now well into a recovery mode that has spurred some segments of the local economy. REUTERS/Eric Thayer (UNITED STATES - Tags: DISASTER ENVIRONMENT RELIGION)

Joplin, one year after

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FACTBOX: SocGen loses$7.1 billion in trader fraud

Thu Jan 24, 2008 10:43am EST

(Reuters) - French bank Societe Generale (SocGen) (SOGN.PA) said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss. Following are some details on the trader, the fraud and the bank:

THE SCANDAL:

* SocGen blamed a lone, Paris-based trader in his thirties who handled futures contracts on European stock market indices, betting on broad share market movements. His salary was less than 100,000 euros a year.

* The bank was in the process of dismissing him and said his managers would also leave the company.

* SocGen is to raise 5.5 billion euros in fresh capital to strengthen its balance sheet.

* The board rejected a resignation offer from Chairman and Chief Executive Daniel Bouton. Bouton and his deputy Philippe Citerne gave up their salaries for six months.

* The bank announced further write-downs of 2.05 billion euros related to the global credit crunch.

THE BANK:

* Societe Generale was founded in 1864 in the reign of France's Emperor Napoleon III.

* It employs around 120,000 people, more than 50 percent of them outside France, and has 22.5 million customers worldwide.

* It is the Euro zone's seventh largest bank by market capitalization, according to Reuters data.

(Writing by Astrid Wendlandt and Jijo Jacob; Editing by David Cowell)

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